Trump's conservative economic stance may benefit taxpayers, property owners, and businesses. This Republican candidate also supports military spending, which could create civilian job opportunities. Moving to a state aligned with Trump’s policies may maximize your benefits and help you achieve your wealth goals.
01. South Dakota
South Dakota does not tax corporate earnings, personal income, capital gains, dividends, or interest. Retired residents are also not required to pay state taxes on social security or retirement distributions. The state also has no inheritance tax or estate tax.
For entrepreneurs, South Dakota offers a variety of small business grants and funding programs, a growing workforce, and a lower cost of living. According to U.S. News & World Report, the state ranks fifth in affordability. These factors contribute to a five-year business survival rate of 56% in South Dakota, ranking seventh in the nation.
The Department of Defense in South Dakota is smaller compared to other states on the list, but there are defense job opportunities in Rapid City and Sioux Falls.
02. Texas
Like South Dakota, Texas does not tax wages, business income, pensions, social security, retirement distributions, or inherited assets. The state's tax structure, business-friendly regulatory environment, and strong workforce have attracted several large companies to relocate to the state, including Tesla and HP Inc.
Small businesses and startups also enjoy the same benefits and can access loan guarantees and funding through Texas's small business credit initiative. The five-year survival rate for new businesses in Texas is 52.7%. This is lower than South Dakota's survival rate, but the level of activity covered is much higher.
Texas has two active real estate markets, Austin and Houston. These two cities also have Department of Defense locations that employ civilians, as do San Antonio and Dallas-Fort Worth.
03. Florida
Florida is another state that does not impose income tax on wages, capital gains, dividends, interest, social security, retirement distributions, or pension income. There is also no state-imposed inheritance tax or estate tax.
The state does impose a basic tax rate of 5.5% on corporate income. Businesses can offset their tax burden by obtaining rebates or credits aimed at supporting job growth. Examples include brownfield redevelopment bonuses and urban-rural employment tax credits. Florida also offers a variety of small business financing programs through its Office of Small Business Innovation.
Florida is a popular location for startups, with approximately 88,000 companies established in the 12 months ending March 2023. The five-year business survival rate is just over 50%.
Florida's strongest real estate market is the Sarasota-Bradenton metro area, located just south of Tampa's MacDill Air Force Base.
04. North Dakota
North Dakota taxes income from wages, investments, retirement accounts, and business activities—although the tax rates are competitive.
The personal income tax rate cap is 2.50%, and the corporate tax rate does not exceed 4.31%. Roughrider State has a small but growing entrepreneurial community. North Dakota supports small businesses through workforce development efforts and a range of grant programs. The five-year business survival rate is comparable to Florida's, nearing 51%. Real estate service provider Clever reports that North Dakota's median home prices and 30-year mortgage rates are below the national average.
Real estate investors may consider Grafton, Wahpeton, and West Fargo, which are rated by Clever as the best residential real estate investment markets in the state.
05. Indiana
Indiana imposes a flat tax rate of 3.05% on personal income. The flat tax rate also applies to investment income, retirement distributions, and pensions, but the state does not tax social security income or inherited assets. The corporate income tax is 4.9%. In 2024, Indiana launched a $29 million fund to provide affordable financing for small businesses and entrepreneurs. The state's five-year business survival rate is up to 53%, which is impressive, along with a considerable talent pool.
Indianapolis is the strongest real estate market in the state and may also offer civilian defense job opportunities.